You've done all the research, spent hours online, and now you've found it – your dream machine. But how are you going to pay it? Here’s the rundown.

Use your savings

In an ideal world, we’d save like crazy for big purchases. And after a house, a decent car is likely to be the biggest purchase you’ll ever make.

Diligently saving up for a car will take time. But if you have a great savings plan and enough discipline, it's possible.

With enough savings, you won’t need to apply for a loan or pay interest – saving you money in the long run. Just make sure you have a budget in place so outgoings like registration, insurance and running costs are covered.

Get there faster with a personal loan

Sometimes we just don’t have enough in the bank to buy the car we want. If that’s you, a NAB Personal Loan might be what you need to get behind the wheel faster.

We offer fixed and variable rate loans with a maximum loan term of seven years. Our loans are unsecured, which means you don’t need to use the car as security.

We offer loans from $5,000 to $55,000—and repayments can be made weekly, fortnightly or monthly to align with your pay cycle.

Work out what you can afford to borrow

Cars certainly make our lives easier. But if you’re struggling with the loan repayments, things can start getting a little harder.

So it's important to work out how much you can afford to borrow and repay. To get an idea, just use our loan repayment calculator.

Family or lease options to consider

Getting a car loan and proving you can make repayments can help get you off to the right start with your credit history. But you should consider all your options before you make a final decision.

Ask yourself:

  • Do you have enough savings to buy a cheaper car outright?
  • Can you wait a little longer and save enough to reduce the car loan amount?
  • Can your family help you buy your car?
  • Is the car for work or business purposes?

If the car's for work or business purposes you might be able to lease it rather than purchase it outright.

There are all kinds of leasing arrangements available; your tax specialist can explain the tax implications before you make that decision.

Get your credit rating

Before you apply for a personal loan, you may want to get a credit report from one of the many online credit checking companies.

The report outlines the last seven years of your credit history – including why you've applied for credit, what types of credit, and how much each time.

It also lists if you've been bankrupt, as well any overdue accounts you may have had. Be aware these reports sometimes have mistakes, so check yours closely.

Important information

The information contained in this article is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, NAB recommends that you consider whether it is appropriate for your circumstances. NAB recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.

Want to keep exploring?

OTHER LIFE MOMENTS

​Things to ask a car dealer

​Questions you should ask before applying for car dealer finance.

​Cost saving tips for running your car

How to reduce any unnecessary car expenses.

​The real cost of buying a car

​We’ll help you uncover the hidden costs of buying a car.

After more?

Car insurance

Don’t be caught without car insurance. With NAB Car Insurance cover choices, you can select a level of cover you’re comfortable with that fits within your budget.

Internet Banking

Keep track of your finances 24/7. Anytime, anywhere, any device.

Car Loans

Whether you’re upgrading your ride or adding to your garage, a NAB Personal Loan works for whatever you’re into.

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